Mr Paul Kinoti. PHOTO | Eunice Murathe
Paul Kinoti built his real estate consultancy business in
Mombasa, starting off as a waged employee barely surviving on a monthly
salary to an entrepreneur of no mean repute.
He is director of Avanti Corps Limited Consultants which deals in the lucrative housing business in the Coast region.
His impressive office in the upmarket Nyali Estate exudes success.
“I
was employed for almost seven years where in total I made less than Sh3
million. The year I left employment I made Sh5 million in commissions,”
said Mr Kinoti, a geography graduate of Moi University.
Mr Kinoti went to Mombasa in search of a job in 2008 and still keeps his bus ticket as a souvenir.
He
applied for many jobs in vain, but was eventually employed as an office
administrator. After working without pay he quit to join another
company where he earned barely enough to live on.
“I
lived in a one room house in Magongo. I was always late to pay rent. I
often stayed in town for long hours waiting for fare to drop from the
peak time Sh70 to Sh20. One day I walked from town to my younger
brother’s hostel in Tudor to ask for fare,” he said.
Mr
Kinoti was able to supplement his income by teaching at a college in
the evening. In October 2010 Mr Kinoti secured a better paying job,
earning a monthly salary of Sh30,000.
Over time it was raised to Sh60,000 but the urge to set up his own company compelled him to quit in 2017.
“I
always felt that I was supposed to be doing my own work. In 2016, I
told my former boss of my plan to set up my business. We agreed that I
train someone for a year to smoothen the transition. He also gave me his
blessings,” said Mr Kinoti.
He started working from home, tapping into contacts gained through his years of employment.
“I
found my own clients through marketing my services. I have worked with
some of the clients over the years,” he said. “I started with three
major clients, the number has now grown to over 10 . I plan to hit more
than 50,” said Mr Kinoti who started with less than 15 houses. His
target is middle to high-end housing options where he has dealt with
properties worth more than Sh70 million and apartments ranging from Sh10
million.
Some
of his clients include Jumeirah Beach Front Apartments that cost Sh20
million each and Acacia Park apartments, which go for Sh16.5 million
each.
Mr Kinoti said that like developers, real estate
consultants are tasked with conducting market surveys. “There is a
wrong notion out there that consultants are brokers. Consultants must
research, estimate property costs and other investment options available
for clients.
“They must check out on government bonds
and their returns. You must research and be informed so that when
talking to a client you give facts and beneficial information,” he said.
There are shifts in clients’ demands that only real estate consultants
who interact with buyers can tell to prevent building of expensive
houses that have no takers.
“Most developers look for
us with a ready product. They want you to sell for them. They do not
call you when starting off. What they don’’ know is that we interact
with buyers every day and know what they are looking for,” he said.
He
said that some of the common mistakes that lead to property taking long
to sell or rent out can be avoided if developers invested in market
surveys and tapped consultants’ rich experiences.
Investors, he said, should design buildings with clients in mind.
Investors, he said, should design buildings with clients in mind.
“We sit down with developers and tell them what the end-user wants and how much they can buy it for,” he said.
Mr Kinoti urged aspiring consultants that they should build their brand while still in employment.
He said that being employed in a company offers one skills and an opportunity that would be impossible to gain when unemployed.
“The
information, experience and connections that come as a result of
working for people are priceless. It would be very expensive to build
contacts and gather relevant information on your own.
“Sometimes
you might feel that whatever you are paid is not enough, consider it as
a stepping stone to your own venture,” he said. Mr Kinoti plans to
build houses targeting low income earners and eventually venture into
the energy sector.
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